Virginia Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship

• Category: Contracts - Cohabitation
• State: Multi-State
• Control #: US-0179BG
• Format: Word; Rich Text

Description

A joint tenancy or joint tenancy with right of survivorship is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the property simply evaporates and cannot be inherited by his or her heirs. Under this type of ownership, the last owner living owns all the property, and on his or her death the property will form part of their estate. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners have an equal share in the property.

The Virginia Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal document that allows unmarried individuals to jointly purchase and hold residential property in Virginia with the right of survivorship. This agreement ensures that the surviving owner will automatically inherit the other owner's share of the property upon their death. This type of agreement is commonly used by unmarried couples, friends, or family members who wish to invest in real estate together while having the security of survivorship rights. It provides a legally binding framework for the co-ownership of a property and defines the rights and responsibilities of each individual involved. By signing the Virginia Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship, the parties are acknowledging their intentions to jointly purchase and own the property, and they agree to abide by the terms and conditions set forth in the agreement. Some key elements that may be included in this agreement are: 1. Identification of Parties: The agreement should clearly identify the parties involved, including their full names and contact information. 2. Property Details: A detailed description of the property being purchased, including its address, legal description, and any relevant property identification numbers, should be provided. 3. Ownership Shares: The agreement should specify the percentage of ownership shares that each party will have in the property. This is especially important if the parties contribute different amounts of money towards the purchase. 4. Use and Possession: The agreement may outline how the property will be used and who has the right to occupy it. It may also address the division of expenses, such as mortgage payments, property taxes, insurance, and maintenance costs. 5. Right of Survivorship: This agreement should clearly state that the property will be held as joint tenants with the right of survivorship, which means that if one owner passes away, their share automatically transfers to the surviving owner(s) without the need for probate. 6. Dissolution or Sale of Property: The agreement may establish procedures for the dissolution of the joint tenancy or the sale of the property in case the parties decide to end their co-ownership. It is worth noting that Virginia law recognizes different types of agreements for joint ownership of property, including a Tenancy in Common, which does not include the right of survivorship. However, for the purpose of this description, we are specifically focusing on the Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship.